The Bank of Jamaica, BOJ, says its trial run for the roll-out of its still unbranded central bank digital currency, CBDC, has been a success despite its take-up by only one financial institution.

National Commercial Bank Jamaica, NCB, was the only payment service or wallet provider that was ready to test the digital payment system in the months-long pilot period designated by the central bank for late this year and which was open to financial entities already approved for the central bank’s so-called sandbox for new, technology-driven financial solutions.

NCB tested the system using its Lynk payment platform, a service being provided by its newly formed subsidiary, TFOB Limited. TFOB, which stands for The Future of Business, is the bank’s newest vehicle for the roll out of a range of non-traditional and cutting-edge financial services, utilising the latest technology, in a bid to grow market share and keep up with emerging technology and market trends.

https://jamaica-gleaner.com/article/business/20220102/boj-reports-digital-currency-pilot-success